Ban on corporate members in LLPs

Business Innovation & Skills has published their response to consultation on achieving greater transparency & trust in UK business. This includes an unexpected proposal to prohibit corporate membership of LLPs.

The response also included the proposal that LLPs should be required to disclose its beneficial owners.

Following hotly on the heels of the tax changes to LLPs this is likely to have a significant impact on both existing and future businesses structures.

Thankfully further views have been sought on this point as part of the consultation response.